SovereignWealthFunds.comExport and Investment Fund of Denmark (EIFO)
EIFO: what it invests in
Geography Domestic and global
EIFO: how big it is, and on what basis
In US dollars: about USD 12.0B. DKK 76.5 billion at the ECB rate of 6.3565 kroner per US dollar on 31 December 2025.
Return on equity, 2025 6.6%
EIFO: what it publishes
Published 6 · Partly 4 · Not published 0
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. EIFO is Denmark's state export and investment fund, formed in 2023 from Vaekstfonden, the Green Investment Fund and part of EKF. It invests equity in funds and companies, lends to Danish firms and guarantees export deals. Group assets were DKK 76.5 billion (about USD 12.0 billion) at end 2025, with DKK 31.8 billion of new activity in the year. S3 S4
Key points
- DKK 31.8 billion of new activity in 2025 and a profit of about DKK 1.8 billion. S3
- Return on equity 6.6 percent in 2025, after 7.5 percent in 2024. S3
- Large corporate and export finance passed DKK 25 billion, up 10 percent. S3
- Denmark’s largest green venture investor, by its own account. S3
- EIFO2030 aims for just over DKK 39 billion of new activity a year by 2030 and a 5 percent return on equity. S3
- Pays a maximum dividend of DKK 350 million for 2025 to the State. S3
- SME loans and guarantees reached DKK 3 billion across over 600 companies in 2025. S3
Interesting facts
- With Novo Holdings as anchor, EIFO led the launch of 55 North, which it calls the largest quantum technology fund in the world. S3
- It runs a DKK 1 billion state guarantee covering up to 70 percent of Danish equity investments in Ukrainian defence firms. S3
- Its predecessor funds have paid DKK 2.4 billion in dividends to the State since 2017. S3
Mandate and goals
EIFO works to a double bottom line: a societal return for Denmark and a financial return on its capital, across export finance, lending and equity. S3
- Defence industry and national security. S3
- Quantum technology and its Nordic ecosystem. S3
- Green transition, including wind and Power-to-X. S3
- Global business for Danish exporters. S3
- Growth and entrepreneurship. S3
- Spending rule: Dividend capped by the articles of association; DKK 350 million for 2025 S3
How it invests
| Industries | Renewables and climate, Technology, Healthcare and life sciences, Industrials and manufacturing, Agriculture and food security, Mining and metals S3 |
|---|---|
| Asset classes | Venture capital, Private equity, Private credit, Infrastructure S3 |
| Stages | Seed, Venture, Growth, Infrastructure, Credit S3 |
| Geography | Domestic and global. Danish companies at home and Danish exports worldwide S3 |
| Direct / through funds / co-invest | Yes / Yes / Yes S3 |
| Ticket size | Bank-distributed SME loans of DKK 200,000 to 1 million; Matchlan matches start-up equity 1 to 1; large deals run to hundreds of millions S3 |
| Deal sizes seen | DKK 26M guarantee to over DKK 500M (QuNorth, with a partner) |
| External managers | Commits to Danish and international venture and growth funds S3 |
| Co-investment programme | Matchlan loans match private start-up investment 1 to 1 S3 |
Published criteria
- Societal return for Denmark plus a commercial financial return. S3
- Danish content or Danish exporters in export and project finance. S3
- Fit with one of the five priority areas. S3
Fund commitments
Past investments
| Year | Investment | Type | Sector | Stage | Amount |
|---|---|---|---|---|---|
| 2025 | QuNorth. New Nordic company to buy and run one of the most powerful commercial quantum computers. S3 | New company or platform | Technology | Venture | Over DKK 500M (with partner) |
| 2025 | 55 North quantum fund. Copenhagen quantum fund for 25 to 30 early-stage deals; about 75 percent for Europe. S3 | Fund commitment | Technology | Venture | EUR 131M secured of EUR 300M |
| 2025 | Saildrone. Wind and solar powered uncrewed surface vessels for maritime surveillance; European head office planned in Denmark. S3 | Direct investment | Technology | Growth | DKK 164M |
| 2025 | Defence Tech Denmark. First Danish defence accelerator for 72 firms, with the Danish Industry Foundation and Innovation Fund Denmark. S3 | Joint venture or partnership | Industrials and manufacturing | Seed | About DKK 200M expected |
| 2025 | Dansk Vaekstkapital IV. Three-module fund for start-ups and growth firms; EIFO joined the venture module. S3 | Fund commitment | Technology | Venture | DKK 1.7B first close (fund) |
| 2025 | HyMarnham Power-to-X guarantee. First international Power-to-X guarantee, with Barclays. S3 | Co-investment | Renewables and climate | Infrastructure | About DKK 141M (EIFO share) |
| 2025 | Baltica 2 and East Anglia 3. Co-financed offshore wind projects in the Baltic and North Seas. S3 | Co-investment | Renewables and climate | Infrastructure | Not published |
| 2025 | Greater Changhua 2 and Fengmiao I. Co-financed offshore wind in the Taiwan Strait. S3 | Co-investment | Renewables and climate | Infrastructure | Not published |
| 2025 | GreenRoc. Financing for sustainable graphite extraction. S3 | Co-investment | Mining and metals | Credit | EUR 5.2M |
| 2025 | Evosep. Sale of a stake; the largest life science exit in EIFO history. S3 | Sale or exit | Healthcare and life sciences | Growth | Not published |
| 2025 | Green Industrial Production programme. Support for seven Danish wind and Power-to-X factory projects worth up to DKK 3B. S3 | Direct investment | Renewables and climate | Growth | DKK 422M |
Case studies
Building a Nordic quantum cluster S3
- What: Co-founded QuNorth with the Novo Nordisk Foundation and led 55 North with Novo Holdings as anchor.
- When: 2025
- Size: Over DKK 500M plus a EUR 300M fund target
- Why: Denmark’s quantum strategy calls for a home-grown quantum industry.
- Outcome: 55 North secured EUR 131M and made its first two investments, in Finland and Germany.
Defence and security push S3
- What: Invested DKK 164M in Saildrone, co-founded a defence accelerator and runs a DKK 1B Ukraine investment guarantee.
- When: 2025
- Size: DKK 164M direct; DKK 1B guarantee
- Why: Defence is a new EIFO2030 priority.
- Outcome: Saildrone plans its European head office in Denmark; 72 firms can join Defence Tech Denmark.
Investment process
A board chaired by Michael Dithmer, with Dorrit Vanglo as deputy, oversees EIFO; CEO Peder Lundquist leads management. Business is run in units for large corporates, SMEs and investment. S3
| Committee | Role |
|---|---|
| Board of Directors | Chaired by Michael Dithmer S3 |
- Companies, banks and fund managers apply through EIFO product pages. S2
- Each deal is tested for societal and financial return. S3
- Investment handles fund and direct equity; other units handle loans and guarantees. S3
How to approach: EIFO lists products for companies, banks and investors on its website. S2
Size and returns
- Headline size: DKK 76.5B (Total assets (balance sheet), as of 2025-12-31) S3 S4
- In US dollars: about USD 12.0B. DKK 76.5 billion at the ECB rate of 6.3565 kroner per US dollar on 31 December 2025.
- Equity: DKK 31.7B (Net assets or equity, as of 2025-12-31) S3
- Business volume incl. guarantees: DKK 179.6B (Assets under management, as of 2025-12-31) S3
- Return, 2025: 6.6 percent (Return on equity) S3
- Size over time (DKK billion): 2023-12 73.16, 2024-12 73.4, 2025-12 76.5 S3
Leadership
Governance and transparency
- Legal basis: Danish act establishing EIFO (2022) S1
- Oversight: Board of Directors; Ministry of Industry, Business and Financial Affairs S3
- Auditor: Deloitte (per the 2023 report); independent auditor report in each annual report S1 S3
- Some loans carry loss cover from the ministry and the European Investment Fund. S3
Transparency score: 8.0 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
EIFO is a frequent co-investor. DVK IV raised money from private wealth clients among others, and Matchlan loans gear private start-up rounds one to one. S3
Reports
- EIFO Annual Report 2025: https://eifo.dk/media/z3do2k4g/uk_eifo-annual-report-2025_final.pdf S3
- EIFO Annual Report 2023: https://eifo.dk/media/ssuhft01/eifo-annual-report-2023.pdf S1
Common questions
How big is EIFO?
DKK 76.5 billion of group assets at 31 December 2025, about USD 12.0 billion. S3 S4
Who leads EIFO?
CEO Peder Lundquist; the board is chaired by Michael Dithmer. S3
What does EIFO invest in?
Venture and growth funds, direct stakes in unlisted firms, and loans and guarantees for exporters. S3
What does EIFO earn?
6.6 percent return on equity in 2025, with a 5 percent average target to 2030. S3
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All sovereign wealth funds in Europe · All strategic development funds · All funds in Denmark
Sources
Disclaimer
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